the bulk of industrial technology concerns are already reported. the first was that the united states was holding its own. maybe getting a little better. powerful consumer spend. the fiscal cliff looming but still the positive. second was that europe's a disaster and the most important thing you can do is distance yourself from the continent. ask companies like alcoa and ford. the third, that china had become a big disappointment. yeah, china. and it wasn't going to turn around any time soon. certainly not in time to help 2012. this pessimism came from a decline in orders. they all articulated such on a recent conference call. companies that have been optimistic that china was about to turn, that the growth was about to kick in collectively seemed to give up all at once on the colossus. nobody had been more upbeat than caterpillar. but you know what it did? it threw in the terrible towel. openly bemoaning the disappointment that was china in 2012. gut wrenching. now fast forward to earlier this morning and let me make this thing up close and person